When approaching a retirement from a long and successful career, you’ll likely have a list of big decisions to make in a relatively short time.
One of those decisions will be whether or not you should manage your retirement account(s) on your own after retiring - when you begin to convert them into an income stream to support your lifestyle. This is opposed to looking for outside help from a professional such as a financial advisor or planner, and it’s a decision that comes with both pros and cons.
However, before you decide, I think it’s important to understand what you may be getting yourself into since spending and distributing your retirement savings is much different than saving for retirement.
More specifically, I discuss:
Resources:
Chapters:
00:00 Managing your own retirement accounts: what's involved.
05:21 DIY investing can save direct costs but may have larger indirect costs.
09:55 Having accountability from a 3rd party may yield better outcomes.
13:57 Market drops can cause panic, lifestyle, and strategy concerns.
16:24 Have a plan to mitigate potential retirement risks and changes throughout life.
20:45 Examples of costly investment mistakes that feel like wins.
27:09 Managing your investments in retirement is not what you expect it to be.
